What is the future of insurance? Find out why organizations are embracing digital transformation.
Mercer’s 2021 Global Talent Trends Study reveals that insurance leaders are betting on digitally enabled growth to move them through 2021. To accomplish this, employers are rethinking how to design for agility and align talent to meet shifting customer preferences.
The momentum to transition to a more digital and data-driven business model is unstoppable. Insurers are already embracing usage-based insurance (UBI) products, artificial intelligence (AI)/machine learning, and automated customer service apps. To adapt to the changing nature of business, insurance companies are focusing on:
As a result, the top priority for HR organizations in 2021 is accelerating programs and policies that enable employees to adapt to new ways of working. We already see HR teams making changes to policies (such as flexible working — 83%), processes (such as onboarding — 75%) and people practices (such as managing a virtual workforce — 69%).
Insurance companies are 1.5x more likely than other industries to focus on developing skills related to innovation and adapting existing products.
Insurers are looking to drive digital innovation and enhance the user experience to meet evolving customer needs — creating a foundation for one-click coverage purchases, accelerated claims payments and improved risk prevention. To accomplish these goals, insurers must find ways to attract and retain in-demand digital talent.
According to Mercer’s Innovation-Driven Tech Workplaces research, organizational agility and capability-building are differentiators for digital talent. So what are insurers doing to create a more fluid workforce and accelerate skill development?
have implemented or plan to implement loaning or sharing of talent internally
have increased or plan to increase the use of variable/contingent talent pools
have identified or plan to identify new skills and capabilities for post-COVID operations
have intensified or plan to intensify the development of remote working skills
With AI and big data now permeating business, embracing data science and understanding how it changes decision-making is essential for HR. In response to the pandemic, insurers relied on data to make informed business decisions by:
Additionally, leading insurers plan to improve analytics related to strategic workforce planning, skill acquisition, employee performance and pay equity.
By taking a forward-looking, data-driven approach, insurance companies can address risks in a thoughtful, cost-effective way — not simply reacting to events but working to control them.
Virtual working is here to stay, and companies are enhancing flexible working policies and practices (91%), increasing alignment between structures and culture (88%), and making it easier to loan or share talent internally (81%).
As work environments evolve globally, new pressures emerge, and employers must evolve how they energize employee well-being. Specifically, insurers are:
Pressure on employers to accelerate environmental, social and governance (ESG) initiatives is also increasing. Insurance companies are now: